Base token soars over 800% and investors rush to accumulate

Base’s token Fren Pet (FP) has experienced an extraordinary surge of over 800% in just the past 30 days, as reported by data aggregator CoinGecko. The remarkable price movement of FP has attracted the attention of investors, who have rushed to accumulate the token, resulting in over $1 million in purchases within the last 24 hours, according to data from Nansen.

FP is the token behind the popular Tamagotchi game, where users can raise virtual pets and engage them in combat against other players’ pets. Nansen revealed that Ansem, a well-known figure in the crypto community, invested a substantial amount equivalent to $32,000 in FP. However, this investment did not rank among the ten largest FP acquisitions in the past 24 hours.

With its current price at $13.44, FP possesses a fully diluted market cap of over $136 million. The token has also demonstrated a trading volume exceeding $10 million in the last 24 hours, with approximately 95% of that volume occurring on Uniswap.

Despite the considerable movement of accumulation observed recently, early investors in FP are also taking profits. The netflows from addresses holding the token show a negative value of $14,760. Nansen reported that some addresses have been accumulating FP since its price was valued between $0.40 and $0.50 back in November 2023.

Interestingly, the recent profit-taking activity has not hindered the momentum of FP, as the token has skyrocketed by 37% in the span of 24 hours.